Binance Abandoned As their Banking Partner Ends Partnership
Paysafe ends service to Binance amid regulatory Issues; Binance to find a new partner.
Paysafe Payment Solutions, Binance's European bank partner, will stop providing its wallet service to Binance in the European Economic Area (EEA) from September 25.
Paysafe confirmed they are working with Binance for an orderly end to this service in the coming months.
Binance confirmed they will change their bank provider for euro transactions, but no details about the new partner were shared. A spokesperson mentioned that more details will come later.
However, it was emphasized that all other methods of depositing, withdrawing, and trading cryptocurrencies on Binance(.)com will remain the same during this shift.
This decision by Paysafe comes as Binance faces increased scrutiny from regulators. Recently, Binance and its U.S. branch reached a deal with the U.S. Securities and Exchange Commission (SEC) to ensure that U.S. customer assets stay within the country.
In conclusion, Paysafe will end its wallet service to Binance in the EEA. Binance will find a new banking provider for euro transactions. But other services on Binance(.)com will not be affected. The decision coincides with an increased regulatory focus on Binance.
